Prima, Josse (2026) Pengaruh ESG Performance, Leverage, Firm Size, Dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Subsektor Batu Bara Yang Terdaftar Di Bursa Efek Indonesia Periode 2021–2024. Tugas Akhir (S1) - thesis, Universitas Bakrie.
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Abstract
This study aims to analyze the effects of ESG Performance, Leverage, Firm Size, and Profitability on Firm Value among coal subsector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The study employs a quantitative approach using secondary data obtained from the Bloomberg Terminal. The sample was selected using a purposive sampling technique, resulting in 11 companies with 44 firm-year observations. ESG Performance is measured using the Bloomberg ESG Score, Leverage using the Debt to Equity Ratio (DER), Firm Size using the natural logarithm of total assets, Profitability using Return on Assets (ROA), and Firm Value using Tobin’s Q. Panel data regression analysis was conducted using EViews 13. The Chow and Hausman tests indicate that the Random Effect Model is the most appropriate model, while the final estimation applies a White diagonal covariance matrix. The results show that ESG Performance, Leverage, Firm Size, and Profitability individually do not affect Firm Value. The Wald test also indicates that the four independent variables simultaneously do not affect Firm Value. Therefore, H1, H2, H3, H4, and H5 are not supported. The model also demonstrates relatively low explanatory power in explaining the variation in Tobin’s Q. A comparative analysis using the same 11 companies shows that excluding ESGSCORE from the model does not change the conclusions regarding DER, SIZE, and ROA. A broader comparison model, following an evaluation of extreme observations and sensitivity analysis, consists of 35 companies with 140 observations and similarly shows that DER, SIZE, and ROA do not affect Firm Value. These findings indicate that, within the sample and research period, the Bloomberg ESG Score and the financial indicators used in this study have not adequately explained the variation in Tobin’s Q. The comparison models serve as supplementary analyses and do not replace the main research model. Keywords: ESG Performance, Leverage, Firm Size, Profitability, Firm Value.
| Item Type: | Thesis (Tugas Akhir (S1) - ) |
|---|---|
| Uncontrolled Keywords: | ESG Performance, Leverage, Firm Size, Profitability, Firm Value. |
| Subjects: | Business > Business Ethics Management > Business Plan > Business > Business Ethics Management > Corporate Governance Finance > Finance Management > Corporation Finance Thesis > Thesis (S1) |
| Divisions: | Fakultas Ekonomi dan Ilmu Sosial > Program Studi Manajemen |
| Depositing User: | Josse Prima |
| Date Deposited: | 02 Sep 2026 09:58 |
| Last Modified: | 02 Sep 2026 09:58 |
| URI: | https://repository.bakrie.ac.id/id/eprint/14175 |
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